en.Wedoany.com Reported - Adani Energy Solutions Limited (AESL) has signed a binding Share Purchase and Subscription Agreement (SPSA) to acquire 100% equity of IntelliSmart Infrastructure Private Limited, a smart meter joint venture established by the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL).
The proposed transaction, valued at Rs 30.5 billion, includes the acquisition of all equity shares of IntelliSmart and the redemption of optionally convertible debentures held by NIIF in IntelliSmart. Adani Energy Solutions stated that this acquisition will increase its total smart meter count to over 47 million, further strengthening its position as India's largest smart meter platform. The completion of the transaction is subject to regulatory and other customary approvals.
IntelliSmart is an owner and operator of smart meter assets, with a total meter base exceeding 22 million, operating across Uttar Pradesh, Gujarat, Madhya Pradesh, Bihar, and Assam. In this transaction, Cyril Amarchand Mangaldas acted as legal advisor to AESL, Talwar Thakore & Associates acted as legal advisor to the sellers, and Deloitte Touche Tohmatsu India served as the exclusive transaction advisor to the sellers.
This acquisition aligns with AESL's goal of pursuing value-accretive growth through both organic and inorganic opportunities. It is expected to optimize operational and maintenance costs and achieve integration with AESL's broader energy and infrastructure platform. Kandarp Patel, CEO of Adani Energy Solutions, stated that acquiring IntelliSmart enhances the company's scale and execution capabilities, enabling it to support India's power distribution modernization through technology-driven solutions.
Anil Rawal, Managing Director and CEO of IntelliSmart, expressed pride in IntelliSmart being part of this milestone transaction, which creates value for stakeholders. This achievement is expected to catalyze further investment and accelerate digitalization in the power distribution sector, which has become a key driver of transformation across India's entire power value chain. Vinod Giri, Managing Partner at NIIF, noted that IntelliSmart's development into one of the country's leading smart meter platforms reflects NIIF's ability to build and scale infrastructure businesses in nationally important emerging sectors; for NIIF, this transaction marks a significant milestone in its infrastructure strategy and reinforces its commitment to building industry-leading platforms in India; as IntelliSmart enters its next growth phase, this exit enables NIIF to unlock value while continuing to channel institutional capital into India's digital and energy transition. Akhilesh Dixit, CEO of EESL, stated that EESL has been dedicated to driving energy efficiency and digital transformation in India's power sector, and is proud of IntelliSmart's contribution to the smart meter ecosystem, expressing confidence that this transaction will further enhance its ability to serve power distribution companies and consumers at scale.
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